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Crafar farms sold to China

The China Jin Hui Mining Corporation -- recently renamed Natural Dairy (NZ) Holdings Ltd -- says it has agreed to buy the Crafar family farms as well as other assets including farmland, cattle, and milkpowder production plant.The deal will be paid for in

NZPA
Wed, 24 Mar 2010

The China Jin Hui Mining Corporation -- recently renamed Natural Dairy (NZ) Holdings Ltd -- says it has agreed to buy the Crafar family farms as well as other assets including farmland, cattle, and milkpowder production plant.

The deal will be paid for in cash and through the issue of convertible bonds, the company said in a statement to the Hong Kong Stock Exchange.

The Crafar Farm reportedly valued at $206.9 million. Crafar Farms, the nation's biggest family owned group of dairy farms, were placed in receivership last year, after run ins with the law over dirty farming practices.

NZPA
Wed, 24 Mar 2010
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Crafar farms sold to China
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